The new car warranty will expire soon this month. I am thinking about getting an extended warranty.

Here in Toronto, my local dealership has offered me warranty from CoverageOne (I heard this is a good company). 3 years/60k km. for $3300CDN. no deductible. ($2800 if $100 deductible)

My friends all tell me to get it for peace of mind. I know the steering column has been replaced but the infamous ticking sound from the valve has never been fixed, and i dont want to risk fixing it in the future. But I want to know what the general consensus is here at e90post.

Make sure you know what is *not* covered (for marketing reasons, I'm sure they list a whole bunch of stuff under "covered", so the "not covered" list might be shorter), and that you are fine with that.

To insurance to make money, most people will not get their money's worth. But some will. And some will - big time. It's to buy peace of mind. Everyone will need to decide if it's worth it to them.

They are negotiable to a certain extent, with Coverageone you should get the Ultimate which is the best coverage out there. I'm planning on getting it and am negotiating now.....will let you know what the final price is. An option that I find interesting is the payment plan which is what did it for me, I didn't feel like dishing out 3500$ so instead I pay a bit every month no interest.

3rd party warranty are mostly scams. They find ways to decline your claim. They can decline claims on a covered part if the failure is caused by a wear and tear item. For example: You blew an engine, which is said to be covered in the warranty. But if the failure is caused by low oil pressure because of a worn seal, they will deny it because the seal is a wear and tear item.

Another example: your transmission died and you tow your car to the dealer. They can deny your claim because your warranty says "we may use parts of like kind and quality or rebuilt" and dealers only provide new/factory parts.

There are many many ripoff stories on the web. Best to just find a reputable indy and $3000 can go a long way.